Title: Initiate Opening XCM (HRMP) channel with Mythos (Enter the Mythos, Mythos Foundation)
XCM Disclosures: XCM Disclosure for Mythos (Mythical)
TL:DR
This proposal is to initiate opening bidirectional HRMP channels with the Mythos chain. After Mythos accepts the channel and sends a request back, we will also register the MYTH token as xcMYTH.
Summary
I propose openning a bi-directional channel between Moonbeam and Mythos. Initially, the main use case will be to transfer MYTH tokens into the Moonbeam network for use in DeFi, but it can be further expanded to other use cases. The proposal includes later MYTH asset registration as xcMYTH, with the following details:
- Mythos
- Multilocation: {“parents”: 1, “interior”: { “X1”: { “Parachain”: 3369 }}}
- Decimals: 18
- units per second: 139236205869084549793
- coingecko: mythos
- Name: Mythos
- Symbol: xcMYTH
- Asset ID: 180776216666493826625497766862403480512
- XC-20 address: 0xffffffff88003b9ec05936d454dff8a78ee92bc0
On-Chain Proposal Reference
On-Chain Preimage: 0x198494f06f0092fe387bb998634f545c136147bf84075cc738f32f8fa10c1f07
I will wait for initial proposal feedback before submitting that preimage as an on-chain proposal.
Technical details:
The procedure for opening the channels is as follows:
- Moonbeam: proposal to initiate opening an HRMP channel with Mythos parachain.
- Mythos chain: democracy batched proposal:
- Accept HRMP channel from Moonbeam
- Initiate opening an HRMP channel back to Moonbeam
- Register GLMR asset on the chain
- Moonbeam: democracy proposal to accept the returning HRMP open channel request and register MYTH as a xcMYTH on Moonbeam
The first extrinsic that needs to be executed on the relay chain is:
- hrmp.hrmpInitOpenChannel(recipient: [3369], MaxCapacity: 1000, MaxMessageSize: 102400)
the Polkadot hex-encoded call data is 0x1a00043c00290d0000e803000000900100
If you are interested, the hex-encoded call data for this proposal in Moonbeam is:
0x670003010003140004000000000700e40b540213000000000700e40b54020006000700e40b540226380400441a00043c00290d0000e803000000900100140d0102040001010070617261d4070000000000000000000000000000000000000000000000000000
Note that after Polkadot referendum 1071 payout is triggered around Sept 8th, the Mythos chain’s child acct on the relaychain will hold enough DOT to open new HRMP channels.
After this initial proposal passes and the first batched extrinsic is sent to initiate opening HRMP channels, there will be some time delay before the Mythos chain accepts the channel open request and sends one back. At that time I will recalculate the units per second values and generate new extrinsics to consolidate the 2nd stage of accepting channels into as few transactions/proposals as possible. Therefore I am not providing the specific asset registration extrinsics yet.